Whether you operate a brick-and-mortar, a click-and-mortar or a pure-play brand, you need to conduct retail market research, that is, market research specific to the retail sector.
That is because, in today’s age of mass information circulating at speed, we exist in a market jungle, as market trends oscillate and customer expectations sway, while your competitors are becoming more adaptable.
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Market research, as we’ve covered aplenty, is a wide umbrella term that pertains to studying several facets of a particular market in order to gauge the profitability and success of your product or service.
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It is made up of two sets of research: primary and secondary. The former deals with gathering research that you, as a business, conduct yourself. The latter involves consulting with information that has already been researched and is publicly available (not always for free).
Since you would need to turn to both primary and secondary data throughout the market research process, you should be able to detect and distinguish these resource types, whenever you come upon them.
But above all, you need to know which exact platforms, websites and tools to use for collating information on the sector of retail. In market research, you move from the general to the specific fairly quickly, and you’ll need information specific to your vertical.
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Primary research techniques speak for themselves, as you would need to gather original insights and data from the aforementioned. Secondary sources particular to the retail sector, on the other hand, need to be laid out.
Here are a few secondary sources for conducting market research on the retail vertical. Note that many of these platforms aren’t free, but their intel is indispensable.
Retail is one of the most expansive verticals, as it can include virtually any business that sells products to consumers. It requires both primary and secondary research methods for a thorough analysis and interpretation.
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Secondary research for the retail sector involves a distinct set of secondary sources for quality research campaigns. A successful research endeavor will allow you to provide meaningful products and experiences for your customers, communicate with them more productively and improve your standing within your submarket.
Although the above examples of secondary research are invaluable, there are many other online tools for your disposal. Social media, for example, is excellent for market research, as it can connect you with your customers to get their perspectives firsthand, along with their data.
Retail market research is the process of gathering information about target customers and markets to determine or improve upon the success of a retail venture.
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The most relevant types of primary research for the retail sector are surveys, consumer reviews, focus groups, feedback from employees, and sales reports.
Secondary research is performed by gathering and reviewing previously published information in order to gain insights to support a market research project.
Buyer personas are a good way to define and understand the various customer segments that are likely to purchase from your retail store.
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A shop’s Facebook business page can provide a wealth of information about its followers, including age, location, employment, income, spending behaviors, and lifestyle preferences.
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Long gone are the days when price was a leading factor in consumers’ purchase decisions. While price still plays a role, today multiple factors are at play such as brand differentiation, reputation, and customer-centric return policies.
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But how do those considerations drive the purchase decision? It’s hard to read a customer’s mind, and it’s challenging for retailers to figure out where they fit when compared with their competition. Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct.
Market research can remove much of this uncertainty by helping you understand your industry, your target customer, your competition, and your product. When you understand all that, your chances of success are a lot greater.
There are many agencies that perform market research, and you can always get help from them. If you’re on a budget, however, you can do the research yourself. In this guide, we’ll show you how.
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Essentially, it gives you an understanding of the cultural, societal, socioeconomic, geographic, and personal makeup of your target customers. It will help you understand whether there’s a demand for your product, how big that demand is, and who is generating the demand. It’ll also help you understand the competitive landscape.
Market research, in other words, is research about the world of your retail business. Among other essential details, it will provide you with data on your target shopper’s buying power, shopping preferences, and relationship with competitors.
With this information, you’ll be able to create products that provide solutions, market to consumers effectively, and increase your chances for success.
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Use ’s customer profiles to get a complete view of your customers. Collect contact information, see what they buy online and in-store, how many orders they’ve placed, which channels they prefer, add notes to their profile, and more.
The 2022 Future of Commerce report reveals that availability of marketplaces and advancements in technology have lowered the barrier to entry. As more retailers enter the market, competition is only going to grow.
Market research gives you insights on the size of the market you’re targeting, how competitive it is, and where there’s room for improvement. This information can help you create aSWOT analysis , which in turn helps you devise strategies to penetrate the market effectively .
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With market research, learn where and how to find your customers and how to present your product to them. With the insights that you gather, you can work out audience-resonating marketing strategies, smart product pricing , and effective brand positioning.
By digging into consumer shopping preferences and interests, you can validate and refine your ideas. Consumer feedback on sample products and new concepts can help you launch products already proven to succeed.
Competitor analysis as part of retail market research tells you how fierce the competition is and what others are doing to market and retain their buyers.
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Understanding the competition, then, helps you figure out how todifferentiate your brand and develop a unique selling proposition to stand out from the crowd and attract customers.
Every marketing campaign is an investment of your time, energy, and money. Do you ever wonder if your efforts were worth it? Read this guide and build a framework to plan, track, and measure the success of retail marketing campaigns.
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While some business owners opt to hire a market research firm or consultant, it’s entirely possible to conduct this research yourself. In fact, many retailers prefer to own the market research process as they enjoy spending time with customers and learning more about how consumers view their businesses.
If you’re wearing the researcher’s hat yourself, know that there are two elements of market research: primary and secondary research. We encourage you to begin your research by reviewing secondary research materials: industry reports, trends, and case studies. By starting with this established data that someone else has collected, you’ll learn more about how you’d like to conduct your lengthier, more expensive primary research.
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D&B Hoovers: You can purchase reports from D&B, a company which has researched over 85 million corporations, 100 million people, and 1, 000 industries. Expect to find insights ranging from consumer behavior to competitive analysis and industry trends.
MarketResearch.com: Much like D&B, MarketResearch.com has tons of independently conducted research and analysis reports you can purchase. Retailers can start by checking out their list of consumer goods reports .
U.S. Census Bureau: The U.S. Census Bureau provides a holistic look at the American economy. Use it in your market research to understand the state of your industry both in the United States and internationally (they have a whole section on retail trade ).
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U.S. Small Business Administration: The SBA offers resources to help American-based retailers understand their target market and current economic conditions. The SBA’s free SizeUp tool is a great way to see how you stack up against your competition.
Bureau of Labor: The Bureau of Labor has an abundance of resources to help you learn about employment in the U.S. They provide employment rates and statistics on topics like occupational employment and wages, labor demand and turnover, and the dynamic state of the labor market.
Office for National Statistics: U.K.-based retailers can use the numerous resources here to learn about their industry, the economy, employment information, and consumer demographics.
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FedStats: This is another great U.S.-based resource for statistics and trends that cover a variety of topics and findings from trusted sources.
Consumer Price Index: The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative
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